Energy Business

Solar Company BrightSource Preps IPO (GS, C, DB, GOOG)

Solar thermal generation provider BrightSource Energy Inc. has filed an amended Form S-1 with the US Securities and Exchange Commission for an IPO of 6.9 million shares at a price of $21-$23/share. The company’s stock will trade on Nasdaq under the ticker symbol ‘BRSE’. The offering date has not been set yet.

Underwriters include Goldman Sachs Group Inc. (NYSE: GS), Citigroup Inc. (NYSE: C), and Deutsche Bank AG (NYSE: DB). The underwriters have a 30-day over-allotment option for 1.035 million shares.

The company will also make private placements valued at $65 million and $10 million with France’s Alstom Power and Caithness Development LLC, respectively. At an estimated price of $22/share, the total number of shares outstanding following the IPO and the private placements will be 45,448,425. The IPO will offer about 15% of the company to new shareholders.

BrightSource estimates that it will raise $210.1 million ($231.3 million if the underwriters execute the over-allotment options) and the company plans to use the proceeds “for working capital, capital expenditures and general corporate purposes, which may include domestic and international development activities, hiring additional personnel and investing in research and development.”

BrightSource is currently constructing the 377-megawatt Ivanpah solar thermal project in southern California, and has received an investment of $168 million from Google Inc. (NASDAQ: GOOG) as well as a federal loan guarantee for $1.6 billion.

The full filing is available here.

Paul Ausick